Australian gold explorer Condamine Resources has inched forward in its quest to begin exploration drilling at its permitted areas near Reefton, on the West Coast.
Quite how, or when, it will fund an exploration programme remains unclear.
In a recent note to shareholders, Condamine said it had received "draft access arrangements" from the Department of Conservation to begin exploration drilling at its 100%-owned Alexander River and Big River projects near Reefton.
The historic Reefton district has delivered a total 2.6 million ounces of gold, including more than 600,000oz from Oceana Gold's pit mine near Reefton, which it closed and began rehabilitating in 2016.
Modern mining by Oceana, with up to 300 staff, began in July 2006 and by the time it was mothballed in early 2016 Reefton had produced 610,000oz of gold over 10 years, or about 20% of all New Zealand's gold production for that period.
Perth-based Condamine was established in 2017, looking to acquire and advance a portfolio of highly prospective gold projects in New Zealand.
In September last year Condamine, which operates subsidiary Reefton Resources Ltd (NZ), told the Australian market it was seeking $A4.75 million ($NZ5.03 million) by issuing 23.75 million shares shares at A20c each.
However, it has yet to appear on the ASX's "upcoming floats" list and in last week's note its co-founding director Anna Nahajski-Staples said the initial public offering market in Australia, to become a listed company, "remains challenging".
"Condamine is currently reviewing the draft access arrangements and expects permitting to be granted this quarter, clearing the way for drilling to commence upon receipt of further funding," Ms Nahajski-Staples said.
"Condamine is exploring alternative transactions to achieve a public listing on the ASX" and a further progress report was coming "in due course", she said.
Condamine is organising a shareholder presentation in Perth during the quarter to June.
In July last year, Condamine let an agreement lapse with ASX-listed companies MOD Resources and Oceana Gold to go into Sams Creeks, which neighbours the Kahurangi National Park.
Condamine's Big River prospect near Reefton, discovered in 1880, was mined to a depth of 600m to produce 136,000 ounces at a mining grade of 34.1g of gold per tonne of ore (g/t). Condamine's Alexander River, found in 1920, reportedly delivered 41,000oz at 26.4 g/t. Big River and Alexander River both closed in 1942 with the onset of World War 2.
Sams Creek, near Takaka, was discovered by CRA Exploration, a subsidiary of Rio Tinto, but when the mining giant left the New Zealand it sold its Reefton goldfield and Sams Creek projects to Macraes Mining Ltd, the forerunner of Oceana Gold.
